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Is their any way I can get my inheritance early and break the trustfund?

Author : tro

Submitted : 2018-02-26 02:02:25    Popularity:     

Tags: early  inheritance  trustfund  break  

My mother passed away in 2011. She left around 7 thousand to each of her 7 kids myself included. We are not allowed to touch the money until 25. I'm turning 24 in two months so I have a little over a year until I can get my money. I recently lost my j

Answers:

you can appeal to the administrator, I knew a young man who did get his trust money early by doing so, but not all trusts are the same

A trust fund has one or more people designated as trustees. These adults manage (invest) the money until you are old enough to receive it. You should appeal to them to get your money early.

However, keep in mind that $7000 is very little money. It will buy you a 10-year-old car OR one year of rent. Don't put effort into this that you could be using to apply for jobs.

It really depends upon the language in the trust.
You need to contact the Trustees, and have them look at it. You may or may not be able to get it as an emergency disbursement. You wouldn't get the full amount, and the trust may not have been written to allow it. You would have to show how the money was spent, as well. If there was no provision for emergencies, the trustees can't give it to you. But you can ask. If you don't know where the trust is kept, the attorney who arranged her estate would know.

It depends on how it is written, but generally it is not. Unfortunately, it would likely take a lawyer to get it done and with only $7k in it you would not be left with much.

Ask the Trustees, you are only a year away. They can give out early in extreme circumstances. Your mother would not have wanted you homeless for 12 months.

Sorry about your loss, but it will cost you more in lawyers fees to break the trust than you will inherit.

No way.

no, no there isn't

She set up the trust so you wouldn't throw the money away by being too young to deal with it. Trusts like this are iron clad. I get it, but your reason is completely irrelevant. Sorry about being homeless, but your reasons are irrelevant.

You might be able to take a loan against it...you will need a whole bunch of documentation, some of which you may not actually have.

Ultimately though, I wouldn't consider it "my money" until you turn 25 anyway. That $7k wont go far if you are thinking about a car...something you shouldn't even be considering until you have an apartment and another job.

Good Luck!!!

Not sure but I have an idea. Ask one of your siblings if they can/will lend you the money until next year.
Or maybe a bank will loan you the money if you sign some kind of lien saying they will get it back when you turn 25.



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